JAMIE DIMON: American Banks Are Fine...With An Exception Or Two

JP Morgan CEO Jamie Dimon said his bank may continue to buy
back more stock after repurchasing $8 billion in 2011, reasoning
that the company stock is below its intrinsic value right now, in
an interview with CNBC's
Maria Bartiromo today.

"We're just going to keep building the company, the stock will
eventually take care of itself," he said in response to comments
about the hit JP Morgan shares have taken this year.

Dimon was bullish on the economy, saying he expected a mild
recovery better than a year ago and the housing market to hit a
bottom.

Like he had done in previous public comments, Dimon continued to
emphasize the stability of his company, saying that the bank will
be capitalized above global requirements, do well on its Fed
stress tests and is growing "organically" by adding
more services.

"I'm hoping what it shows is that American banks, with an
exception or two, are extremely well capitalized and stable,"
Dimon said of the stress tests, adding that he expects JP Morgan
to hold on to about 7% to 8% of its Tier 1 capital in response to
the 5% requirement.

Although Dimon commented on controversial topics such as JP
Morgan's involvement in MF Global and the Volcker Rule, he skimmed over them with cursory
statements such as "JP Morgan is just another creditor." in
response to MF Global and "We have no proprietary trading. We
just want to make sure that market making... will keep that
bid/ask spread narrow." to the Volcker Rule.

When Bartiromo asked Dimon if he was supporting anyone in the
upcoming election, Dimon replied he does not publicly support
politicians, as per a New York Fed Rule.